My gauge does the exact reverse to Dave's i.e. it moves quite quickly from the full mark then stays around the half full for ages but, touch wood, I haven't run dry yet.
On Aldermog this was exactly the situation, I used the odometer as a more reliable gauge. The needle would take for ever to drop to half, then fall like a stone to empty.
Strangely, on Tarka the gauge is really accurate for 80% of the content. It wanders a bit when driving over the last 20%, but stationary on a level surface it is accurate down to the last drop!
At 10L the warning light comes on and when it says 0 there is 5L left, assuming the car holds 55L. I know the fuel system is from BMW, but it is a Morgan and this level of precision isn't expected!
I can, if i'm very careful, squeeze 300 miles range, but 275 is safer.